Blume Capital Management Inc. decreased its stake in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 2.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,200 shares of the pipeline company’s stock after selling 296 shares during the quarter. Blume Capital Management Inc.’s holdings in Enbridge were worth $569,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Marcum Wealth LLC lifted its stake in shares of Enbridge by 8.6% in the second quarter. Marcum Wealth LLC now owns 17,804 shares of the pipeline company’s stock worth $713,000 after buying an additional 1,410 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its position in Enbridge by 11.7% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 223,254 shares of the pipeline company’s stock valued at $8,942,000 after acquiring an additional 23,396 shares in the last quarter. Nicholas Hoffman & Company LLC. boosted its stake in Enbridge by 6.6% during the 2nd quarter. Nicholas Hoffman & Company LLC. now owns 7,941 shares of the pipeline company’s stock valued at $318,000 after purchasing an additional 494 shares during the last quarter. Pinnacle Wealth Management Advisory Group LLC bought a new stake in shares of Enbridge in the 2nd quarter worth $240,000. Finally, Toronto Dominion Bank raised its stake in shares of Enbridge by 18.8% in the second quarter. Toronto Dominion Bank now owns 16,926,855 shares of the pipeline company’s stock worth $700,292,000 after purchasing an additional 2,676,254 shares during the last quarter. 48.05% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts have weighed in on the company. Credit Suisse Group raised Enbridge from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $52.00 to $55.00 in a research report on Thursday, June 17th. The Goldman Sachs Group upped their price objective on Enbridge from C$41.00 to C$43.00 and gave the company a “neutral” rating in a research report on Monday. Zacks Investment Research lowered shares of Enbridge from a “buy” rating to a “hold” rating and set a $42.00 price target for the company. in a research report on Monday, June 14th. Barclays downgraded shares of Enbridge from an “overweight” rating to an “equal weight” rating and set a $50.00 price objective on the stock. in a report on Tuesday, July 20th. Finally, Argus lifted their price target on shares of Enbridge from $40.00 to $43.00 and gave the stock a “buy” rating in a research note on Tuesday, May 25th. Three investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, Enbridge presently has a consensus rating of “Buy” and a consensus price target of $52.08.
Enbridge (NYSE:ENB) (TSE:ENB) last posted its earnings results on Thursday, July 29th. The pipeline company reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.11. Enbridge had a return on equity of 9.24% and a net margin of 14.99%. The company had revenue of $8.91 billion for the quarter, compared to the consensus estimate of $9 billion. During the same period in the previous year, the business earned $0.56 earnings per share. On average, equities research analysts expect that Enbridge Inc. will post 2.23 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, September 1st. Stockholders of record on Friday, August 13th were issued a $0.6645 dividend. This represents a $2.66 dividend on an annualized basis and a dividend yield of 6.62%. The ex-dividend date was Thursday, August 12th. Enbridge’s dividend payout ratio (DPR) is 147.51%.
Enbridge, Inc engages in the provision of gas and oil businesses. It operates through the following segments: Liquid Pipelines, Gas Distribution & Storage, Gas Transmission & Midstream, Renewable Power Generation, and Energy Services. The Liquids Pipelines segment consists of common carrier and contract crude oil, natural gas liquids and refined products pipelines and terminals in Canada and U.S., including Canadian Mainline, Regional Oil Sands System, Southern Lights Pipeline, Spearhead Pipeline, Seaway Crude Pipeline interest, and other feeder pipelines.
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